PETRONAS Fertilizer (Kedah) Sdn Bhd, a wholly owned subsidiary of Petroliam Nasional Bhd (Petronas), has successfully closed an RM750mil nominal value Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) issue.
In a statement, Commerce International Merchant Bankers Bhd (CIMB) said the papers would be issued in 10 series with tenures of one to 10 years. The proceeds would be used to refinance part of Petronas Fertilizer's existing shareholders' loan.
CIMB said the BaIDS were assigned a long-term rating of AAA by Malaysian Rating Corp Bhd (MARC) and that the rating reflects the strong backing of Petronas Fertilizer's shareholder, Petronas, which holds a long-term rating of AAA by MARC. The principal activities of Petronas Fertilizer consist of the production and sale of urea, ammonia and methanol.
AmMerchant Bank Bhd, CIMB and HSBC Bank Malaysia Bhd were the joint lead managers for the issue.
HSBC was the facility agent for the issue.
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